1.
Wicker
Park
Bucktown
Market
Assessment
October
2012
PREPARED
BY
BUSINESS
DISTRICTS,
INC.

2. 2
Wicker
Park
Bucktown
Market
Assessment
Table
of
Contents
Executive
Summary
...................................................................................................................................................................
4
Project
Introduction
and
Process
...............................................................................................................................................
6
Introduction
........................................................................................................................................................................................................
6
Study
Area
..........................................................................................................................................................................................................
7
Project
Purpose
and
Approach
...........................................................................................................................................................................
7
Retail
and
Restaurant
Market
Characteristics
............................................................................................................................
9
Overview
............................................................................................................................................................................................................
9
Local
Market
Conditions
...................................................................................................................................................................................
11
Strategic
Implications
for
Wicker
Park
Bucktown
............................................................................................................................................
17
Office
Market
Characteristics
..................................................................................................................................................
18
Overview
..........................................................................................................................................................................................................
18
Local
Market
Conditions
...................................................................................................................................................................................
18
Strategic
Implications
for
Wicker
Park
Bucktown
............................................................................................................................................
19
Residential
Market
Characteristics
..........................................................................................................................................
20
Overview
..........................................................................................................................................................................................................
20
Local
Market
Conditions
...................................................................................................................................................................................
20
Strategic
Implications
for
Wicker
Park
Bucktown
............................................................................................................................................
21
Peer
Communities
...................................................................................................................................................................
22
Comparison
Demographics
..............................................................................................................................................................................
23
Andersonville,
Chicago
.....................................................................................................................................................................................
26
Logan
Square,
Chicago
.....................................................................................................................................................................................
27
Park
Slope,
Brooklyn
.........................................................................................................................................................................................
28
Silver
Lake/Los
Feliz,
Los
Angeles
.....................................................................................................................................................................
29
Uptown,
Minneapolis
.......................................................................................................................................................................................
31
Consumer
Survey
Results
........................................................................................................................................................
34
Survey
Methodology
........................................................................................................................................................................................
35

3. Wicker
Park
Bucktown
Market
Assessment
3
Business
Survey
Results
..........................................................................................................................................................
70
Methodology
....................................................................................................................................................................................................
70
Strengths,
Weaknesses,
Opportunities,
and
Threats
(SWOT)
...................................................................................................
99
Strengths
..........................................................................................................................................................................................................
99
Weaknesses
....................................................................................................................................................................................................
100
Opportunities
.................................................................................................................................................................................................
100
Threats
...........................................................................................................................................................................................................
101
Business
Mix
Analysis
............................................................................................................................................................
102
Strategic
Implications
for
Wicker
Park
Bucktown
..........................................................................................................................................
104
Market
Share/Leakage
Analysis
............................................................................................................................................
105
Introduction
....................................................................................................................................................................................................
105
Methodology
..................................................................................................................................................................................................
106
Logical
Markets
..............................................................................................................................................................................................
106
Market
Share
Analysis
by
Business
Category
.................................................................................................................................................
109
Opportunity
Profiles
.............................................................................................................................................................
111
Market-­‐Driven
Opportunities
.........................................................................................................................................................................
111
Management
Opportunities
...........................................................................................................................................................................
114
Convening
Opportunities
................................................................................................................................................................................
115
Opportunity
Summary
....................................................................................................................................................................................
116
Strategic
Action
Plans
............................................................................................................................................................
117
Appendices
...........................................................................................................................................................................
128
Glossary
of
Terms
...........................................................................................................................................................................................
129
Interview
Summaries
......................................................................................................................................................................................
131
List
of
Separate
Attachments
.........................................................................................................................................................................
134
Maps:
WPB’s
Market
Geographies
................................................................................................................................................................
135

4. 4
Wicker
Park
Bucktown
Market
Assessment
Executive
Summary
The
Wicker
Park
Bucktown
Chamber
(WPBCC)
and
the
Commissioners
of
Chicago’s
Special
Service
Area
#33
(WPB
SSA
#33)
retained
Business
Districts,
Inc.
(BDI)
in
December
2011
to
conduct
a
market
assessment
of
Wicker
Park
and
Bucktown’s
commercial
areas.
BDI
is
an
Evanston,
Illinois
based
consulting
firm
specializing
in
market
analysis,
competitive
positioning,
strategy
development,
and
historic
preservation
work
for
traditional
downtowns,
commercial
corridors,
and
neighborhood
business
districts
throughout
the
Midwest.
This
market
assessment
process
had
two
basic
objectives:
to
identify
successful
uses,
based
upon
the
unique
attributes
of
the
Wicker
Park
and
Bucktown
(WPB)
markets,
and
to
assist
in
making
local
businesses
even
more
economically
viable.
Wicker
Park
and
Bucktown
is
nationally
perceived
as
a
vibrant
urban
set
of
commercial
districts
with
a
successful
mix
of
diverse
businesses,
great
nightlife,
and
quality
cultural
events.
Most
urban
commercial
districts
and
traditional
downtowns
would
love
to
be
WPB,
given
the
neighborhoods’
strong
local
markets,
sustained
investor
interest,
and
national
reputation
as
unique.
The
WPBCC
and
WPB
SSA
#33
provide
comprehensive
marketing
programs,
including
retail
promotions,
special
events,
and
image
building,
maintenance
and
incentives
for
improvements,
and
public
art
programs.
All
of
these
activities
contribute
to
WPB’s
reputation
as
an
interesting
place
to
visit.
Complementing
its
commercial
character,
WPB
is
also
two
adjoining
communities,
with
residents
committed
to
their
neighborhoods
and
local
success.
In
assessing
WPB’s
markets,
work
was
completed
in
three
phases:
assembling
information,
analyzing
consumer
and
business
surveys
and
secondary
data
sources,
and
formulating
WPB’s
opportunities
and
strategies.
The
two
project
objectives
noted
above
provided
the
research
and
analysis
framework
for
each
phase.
There
is
a
significant
amount
of
primary
and
secondary
market
data
presented
within
this
assessment.
This
accumulated
data
is
intended
to
support
and
guide
strategic
actions
versus
ongoing
conversations
about
the
data
itself.
Ultimately,
the
essence
of
any
assessment
is
identifying
the
best
market-­‐supported
opportunities
and
how
to
incrementally
and
efficiently
capitalize
upon
them.
WPB’s
opportunities
are
based
upon
its
formidable
markets
and
many
unique
businesses.
The
key
is
to
foster
profitable
businesses,
particularly
on
ground
floors.
This
effort
includes
business
support
for
entrepreneurs
and
existing
business
owners,
tenant
attraction,
property
owner
engagement,
and
building
relationships
with
WPB
developers.
Photo
1:
North
Damen
Avenue's
diverse
businesses.

5. Wicker
Park
Bucktown
Market
Assessment
5
This
market
assessment
looks
forward.
It
focuses
on
business
development
and
on
how
the
WPBCC
and
WPB
SSA
#33
can
work
to
maintain
WPB’s
successful
commercial
character
and
authentic
experience.
It
assumes
that
the
WPBCC
and
WPB
SSA
#33
will
work
in
partnership
to
achieve
even
greater
business
success.
WPB’s
markets
and
opportunities
suggest
three
broad
strategic
goals
for
acting
on
these
Market
Assessment
results:
• Building
upon
current
business
success
to
foster
business
expansion
and
entrepreneurship.
• Establishing
ongoing
and
ad
hoc
partnerships
focused
on
WPB’s
economic
growth.
• Supporting
creative
solutions,
whether
in
entrepreneurship,
the
arts,
‘clean
and
safe,’
or
new
development.
Given
the
affects
of
the
recent
economic
downturn,
there
have
been
significant
shifts
in
how
consumers
behave,
what
makes
any
business
sustainable,
and
in
how
development
occurs.
The
strategies
and
action
steps
developed
for
this
assessment
provide
the
WPBCC
and
WPB
SSA
#33
with
the
framework
to
address
business
growth.
These
strategies
incorporate
the
pragmatic
interests
of
WPB’s
businesses
and
consumers
and
integrate
them
into
this
assessment’s
overall
business
development
emphasis.
To
maintain
market
leadership,
WPB
must
emphasize
business
growth.
Each
of
WPB’s
commercial
areas
is
distinct,
and
all
of
them
are
part
of
a
commercial
whole,
or
‘economic
system.’
Through
efforts
to
enhance
WPB’s
overall
commercial
activity
and
business
quality,
WPBCC
and
WPB
SSA
#33
can
amplify
the
neighborhoods’
appeal
to
customers,
visitors,
and
investors
and
maintain
the
commercial
character
that
makes
WPB
truly
distinctive.